Our RocketHub Review

The people over at RocketHub just want people to have a crowdfunding experience they can be proud of and enjoy. They pride themselves on being a partner for each and every user, and we did find that everything was designed so that individuals can just achieve their goals with ease and a smile.

Everything about the platform is offered in such a way that offers good assistance to their users. The site is designed for scientists and entrepreneurs, artists and athletes, and even social leaders. Millions of dollars have been raised inside this community.

Business Model of RocketHub

RocketHub gives you a Reward (or Goods) model of crowdfunding. This makes them a different sort of platform in the crowdfunding game because some funding is better than none at all, especially if you are a first-time fundraiser. In simple terms, if you raise $7500 you can keep that $7500-after you pay the fees of course. We will discuss these fees a bit later on.

You get to use easy and simple charts in order to assist with your campaign. These help you in many ways like selecting a sensible length of time to run your campaign, and it also gives you a good idea of how much time each day your campaign is going to require from you. For instance, if you wish to earn between $1K to $10K, the likelihood is that you will need about 40 to 200 people to reach your desired goal.

RocketHub, in this case, would suggest about a month to 45 days to run this campaign and recommend about 15 minutes to two hours each day for the campaign’s organizer to manage it effectively. It is a useful feature if you’re new to the fundraising game or just enjoy numbers.

Funding Types

This platform lets you keep what you raised, which is a win for the everyday entrepreneur. It is also great for small businesses and individuals who aren’t so savvy when it comes to fundraising or having connections to financiers or venture capitalists. Therefore, if they fall short of the goal they specify at the start of the campaign, they can keep whatever money they have received from donors to their campaign.

RocketHub will take all leading credit and debit cards and operates through an international merchant. So yes, even your aunt that lives in Turkey can help your cause! Even if your donors do not have PayPal or other major payment method, the merchant at RocketHub will come through.

Another thing we liked about RocketHub is that there is no limit to the amount of money you can raise. If you go over your goal, you get to keep all of it, which is a nice touch. CrowdfundingBum does this too.

What Are the Deadlines?

You can go anywhere from 30 to 75 days when it comes to getting your campaign completely funded. This is pretty good for those of us that need some extra time when it comes to raising awareness about our particular campaign, especially if your goal is huge-like six figures. Some of the top sites for crowdfunding offer only 60 days. CrowdfundingBum lets you choose your own goal and deadline.

What Fees Do I Pay?

RocketHub is pretty nice in some respects but the fees you pay are definitely something to be reckoned with. They are automatically deducted from your final donation amount. Campaigns that are successful and reach all funding get charged a commission fee of 4% plus a 4% credit card processing fee. If you do not complete the campaign, you are charged 8% of your money plus the credit card processing fee. And this is in addition to campaigns that did not reach their goal.

CrowfundingBum vs. RocketHub kinda has a clear winner here; CrowdfundingBum doesn’t charge a fee if you do not meet your campaign fails to raise the total amount.

The fees at RocketHub are pretty normal, but the partial fees are high in our opinion. The crowdfunding sites usually charge transaction fees OR processing fees, never both. CrowdfundingBum collect a 3% pay-it-forward donation which it deposits into another Bum campaign of your choosing. Stripe and PayPal charges an additional minimal fee of 2.9% + 30¢ per successful card charge.

Getting Your Funds

RocketHub is rather pokey when it comes to delivering funds, we think. Most Crowdfunding sites will bring you your monies in about 48 hours, sometimes immediately. However, RocketHub has you waiting anywhere for 5 to 10 days. This is much too long for urgent causes.

They keep all funds raised during a campaign in a separate US bank holdings account. Upon the end of the campaign, the funds are transferred to the fundraiser via a check or digital pay methods. RocketHub processes all payments on the first Friday that follows the completion of each project. Crowdfunding Bum transfers donation immediately via Stripe connect.

Administrative Options

There are really no administrative work options when you work with RocketHub. Instead you can use “Success School”, which is their online class that teaches those who are looking to launch a campaign about how to make it a successful one. It is a free download. This is pretty nice, but sometimes we think there are easier options, like the CrowfundingBum built in backers-no need to take any special courses there.

We also liked the Q&A of the site, all our major questions were answered there about how to start up a campaign, how to market it successfully, and how to manage your people so the campaign goes off without a hitch. There were also common questions about taxes, fees, and payment methods, too.

This approach is definitely a DIY one when it comes to crowdfunding. There are many details offered to help you navigate the sometimes-crazy world of fundraising. For the amount of money that they extract from their donors, we felt that there could be some more tools offered for the users to take advantage of.

Our Bottom Line

This platform makes it pretty simple to join and set up a campaign, but the fees they take out and the small amount of services they offer kind of sour the deal. This is a rather expensive crowdfunding site, and you don’t really get a lot of extras. However, it is easy to use and does provide some good information for newbies to use.

Final thoughts.

Before you go running off to RocketHub, we hope you stick around a while to find out more about all that Crowdfunding Bum has to offer. You will find ample reasons to choose us as your funding source.